Stock exchange release

FORTUM SHARES SUBSCRIBED FOR WITH SHARE WARRANTS

07 January 2008, 09:49 EET

The following new shares have been subscribed for with Fortum Corporation's share warrants:

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| Name of scheme                        |  Subscription period |      Quantity |
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| Share Option Scheme 2002B for key     |    11.12.-31.12.2007 |       50,000  |
| employees                             |                      |               |
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The corresponding increase in share capital has not yet been entered in the     
trade register.                                                                 

The intention is that the next time share subscriptions related to the Fortum   
Share Option Scheme 2002B are registered will be approximately on 23 January    
2008, when the new shares subscribed for by 15 January 2008 will be registered.

After the registration in January, shares subscribed for with the options are   
planned to be registered next time on or around 17 March 2008, when the new     
shares subscribed for by 10 March 2008 will be registered. The shares subscribed
for with options by 10 March 2008 at the latest are entitled to a dividend      
possibly paid for 2007 during the spring of 2008. The holders of these new      
shares are also entitled to participate in the Annual General Meeting in the    
spring of 2008 under the terms indicated in the notice to the shareholders'     
meeting.                                                                        
                                                                                

Fortum Corporation                                                              
Maria Romantschuk                                                               
Senior Vice President, Corporate Communications                                 

For further information please contact:                                         
Jouni Huttunen, tel. +358 10 452 4649 

Distribution:                                                                   
Helsinki Stock Exchange                                                         
Key media